Oil prices extended gains on Tuesday on expectations that central banks are likely to enact financial stimulus to offset the impacts of the coronavirus outbreak and growing optimism that OPEC will order deeper output cuts this week.
Brent crude rose $1.40 per barrel, or 2.7%, to $53.30 per barrel by 0940 GMT. U.S. West Texas Intermediate (WTI) rose $1.48 cents, or 3.2%, to $48.23 a barrel.
Both futures contracts rose by more than 3% earlier in the session.
Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.